Hong Kong’s economy grew at a slower pace in 2024 as stagnant consumption and a lackluster property sector weighed on activity, highlighting the risks ahead for Asia’s financial capital amid a looming trade war.

Gross domestic product rose at a 2.5 percent annual pace last year, according to advance estimates from the Census and Statistics Department Monday, slowing from 3.3 percent in 2023 and matching the government’s forecast.

Growth picked up to 2.4 percent in the fourth quarter, from an upwardly revised 1.9 percent in the prior three-month period. The result slightly outperformed economists’ estimate of a 2.3 percent increase.

Despite the quarterly acceleration, the annual slowdown underscores the economy’s struggle to regain momentum following the Covid pandemic and widespread protests in 2019.